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NEW DRILLING RESULTS OF 1.21% HIGH GRADE COBALT OVER 12.30 METRES, INCLUDING 12.48% COBALT OVER 0.90 METRES, AFFIRM PUGET VENTURES FLAGSHIP WERNER WEST PROPERTYS STATUS AS A LEADING PRIMARY COBALT PROJECT
NEW DRILLING RESULTS OF 1.21% HIGH GRADE COBALT OVER 12.30 METRES, INCLUDING 12.48% COBALT OVER 0...
About this update from Canada Rare Earth Corp.
[{"type":"text","content":"\nNEW DRILLING RESULTS OF 1.21% HIGH GRADE COBALT OVER 12.30 METRES, INCLUDING 12.48% COBALT OVER 0.90 METRES, AFFIRM PUGET VENTURES FLAGSHIP WERNER WEST PROPERTYS STATUS AS A LEADING PRIMARY COBALT PROJECT\n\n\n Apr. 19, 2010 (TheNewswire.ca) -- -Additional drilling underway to follow up on high-grade intercepts continuesVANCOUVER, BC (April 19, 2010)…PUGET VENTURES INC (TSXV: PVS) announced today drilling results from its Werner West Zone that the company says solidify the property as an important North American primary cobalt prospect.The drilling of Puget's flagship asset, the Werner West Deposit in Northwestern Ontario, has returned a 12.30 metre intercept averaging 1.21% cobalt including a very high-grade interval grading 12.48% cobalt over 0.90 metres. These high-grade intercepts are associated with anomalous copper, nickel and gold values. A second drill was recently added on the Werner Lake Property to follow up on these high-grade results.Eight holes are still in the lab from the first phase and 6000 metres are underway on the deeper second phase.\"We are incredibly pleased with these initial returns from our 100% owned Werner Lake cobalt project,\" said Erin Chutter, President of Puget Ventures Inc. (www.pugetventures.com ). \"These grades are significant and confirm Werner Lake's status as a credible and evolving primary cobalt project in one of the world's most stable mining jurisdictions.\"World demand for cobalt is increasing both with the proliferation of electronic gadgets, from cell-phones to iPods and iPads. It is also becoming an important \"green\" metal due to its critical role in the lithium batteries of electric cars and other electric vehicles.Perhaps most significantly, amid fears of a shortage of cobalt and other rare-earth metals (OOTC:RAREF) (TSXV:RA) , it is acquiring a strategic role in Western government policy. The United States, for instance, plans to spend $1.2 billion to re-establish domestic rare-earth mining and strategic metals to meet demand for cobalt's use in national defence technologies. Cobalt futures began trading on the London Metal Exchange on February 22, 2010 and the recent trade prices have been $20-$21 per pound.\"Today's results continue to confirm continuity of the high-grade portions of the Werner West Zone and increase our understanding of the controls around the hig...